chapter 10 section 5 states’ rights and the economy vs
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Jackson kills the bankTRANSCRIPT
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Chapter 10 Section 5 States’ Rights and the Economy
VS.
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The Bank War
• New paper money is more stable form of currency
• Difficult for farmers/merchants to borrow money (loans)
• Easy for Businessmen to borrow money
• 1819 – southerners/westerners lost their farms
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Jackson kills the bank
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The Bank War
• Andrew Jackson hated the bank
• Believed only small group of wealthy people benefitted from banks
• “The Bank…is trying to kill me, but I will kill it!”
• No bank, increases power of president
• Economic crisis struck in 1836, After Jackson left office
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Questions of States’ Rights10th amendment• “any powers not
specifically given to the federal government are reserved to the states respectively, or to the people.” ▫ Alien and Sedition Acts
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Nullification CrisisCauses• 1828 – law passed that put
heavy tax on iron, textiles, and other products
• Helped northern Manufacturers, hurt Southerners who had to pay more for these goods
• John C. Calhoun wants Southern States to nullify law
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Supporters of Nullification
• If federal gov. could enforce an unjust law, could it end slavery?
• Main part of our gov. is that when we disagree with a law, the people have the right to get rid of it!
• States’ rights are more important than saving the Union.
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Against Nullification
• Daniel Webster• America not formed by
states, but by the American people.
• Keeping the union together is more important than States’ Rights
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South Carolina Threatens to Secede 1832• South Carolina tries to
nullify tax law. • If Fed. Gov used force to
enforce law, S.C. would secede.
• Jackson puts soldiers on standby
• Calhoun resigns as Vice President
• The tax is lowered, settled with peace
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The End of the Jackson EraMartin Van Buren • Son of N.Y Tavern owner • Helped Jacksons election • Secretary of state, V.P. • Received a majority of
both electoral and popular vote.
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Panic of 1837
• Great Britain was having economic issues, buying LESS cotton from the U.S.
• Van Buren’s Presidency was ruined!
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Election of 1840
• Van Buren ran for re-election against Whig Candidate, William Henry Harrison.
• Whigs had BBQ’s, parades to get ordinary voters
• Harrison wins! He is a “man of the People.”